Win Lose or Draw : Be A Steve, Make A Call Message Board

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Strategies & Market Trends : Win Lose or Draw : Be A Steve, Make A Call

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To: Softechie who wrote (6857)	3/15/2003 11:04:01 AM
From: LTK007	Read Replies (1) of 11447

Buffet goes Ballistic on Derivatives <<WHAT WORRIES WARREN Avoiding a 'Mega-Catastrophe' Derivatives are financial weapons of mass destruction. The dangers are now latent--but they could be lethal. FORTUNE Monday, March 3, 2003 By Warren Buffett Warren Buffett has been writing annual letters to Berkshire Hathaway shareholders since 1965. In the early years he followed a conventional format, but after serving on the SEC Advisory Board for Corporate Disclosure in 1976, he decided--as he puts it--to "get serious" about communicating with his shareholders. He made another important decision in 1977: to recruit FORTUNE's Carol Loomis, a friend and long-term Berkshire shareholder, to be his editor. Buffett says she has been invaluable--"very friendly, very helpful, and very tough." In this year's letter to shareholders Buffett tells of the difficulties of exiting the derivatives business he inherited in his 1998 purchase of General Re. He also concludes that the explosion in derivatives contracts may have created serious systemic risks. Loomis suggested to Buffett that he publish his section on derivatives in FORTUNE, and what follows is excerpted from the 2002 Berkshire Hathaway annual report, which will appear at berkshirehathaway.com on March 8.>> whole article and most all else in his last annual newsletter. fortune.com fortune.com

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